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IRS Publishes 2013 Tax Numbers

Posted by Admin Posted on Mar 31 2015

We thought you might find these 2013 tax numbers just published by the IRS and SSA useful in your planning over the coming weeks. We are looking forward to another great season working with you!

* SOCIAL SECURITY taxable wage limit increases from 2012
limit of $110,100 to $113,700 for 2013. Retirees under
full retirement age can earn up to $15,120 without
losing benefits.

* 401(k) MAXIMUM salary deferral increases from 2012
limit of $17,000 to $17,500. The catch-up limit for
50 and older remains unchanged at $5,500.

* SIMPLE maximum deferral increases from 2012 limit of
$11,500 to $12,000. The catch-up limit for 50 and
older remains unchanged at $2,500.

* IRA CONTRIBUTION limit increases from 2012 limit of
$5,000 to $5,500 ($6,500 for 50 and older).

* HSA CONTRIBUTION limit increases to $3,250 for
individuals and to $6,450 for families.

* KIDDIE TAX threshold increases from 2012 level of
$1,900 to $2,000.

* ANNUAL GIFT TAX EXCLUSION increases from 2012 limit
of $13,000 to $14,000.

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